Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Insights - The company achieved record-high revenue in Q3 2024, with total revenue reaching 2.473 billion yuan, a year-on-year increase of 58.12%. The net profit attributable to shareholders was 289 million yuan, up 145.47% year-on-year [3][4]. - The growth in revenue is driven by strong demand in the smart wearable and smart home markets, with Q3 revenue alone reaching 942 million yuan, a 44.01% increase year-on-year and a 7.23% increase quarter-on-quarter [4][5]. - The company's gross profit margin improved to 33.76% for the first three quarters of 2024, with Q3 margin at 34.68%, reflecting a positive trend due to changes in product structure and reduced upstream costs [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.473 billion yuan, with Q3 revenue at 942 million yuan [3][4]. - The net profit for the first three quarters was 289 million yuan, with Q3 net profit at 141 million yuan [3][4]. - The company expects revenues of 3.156 billion, 4.136 billion, and 5.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 379 million, 565 million, and 790 million yuan [6][14]. Product Development and Market Position - The company is benefiting from the long-term development trend of AI, with continuous upgrades to its chip products. New Bluetooth chip products have been launched, including the BES2700iBP and BES2800, which are designed for smart wearables [5][6]. - The BES2800 chip, utilizing advanced 6nm FinFET technology, integrates multiple cores and low-power connectivity features, enhancing the performance of wearable devices [5]. Operational Efficiency - The company reported operating expenses of 195 million yuan in Q3 2024, with an expense ratio of 20.70%, a decrease of 4.62 percentage points year-on-year, attributed to rapid revenue growth and economies of scale [4].

证券代码：688608 证券简称：恒玄科技 公告编号：2025-001 1 恒玄科技（上海）股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 本次权益变动属于履行此前披露的减持股份计划，不触及要约收购。 本次权益变动后，Run Yuan Capital I Limited（以下简称"Run Yuan I"）持 有恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"） 9,576,749 股, 占公司总股本 7.9776%；其一致行动人 Run Yuan Capital II Limited（以下简称"Run Yuan II"）持有公司 1,226,119 股，占公司总股本 1.0214%。上述股东构成一致行 动关系，合计持有公司股份从 11,755,956 股减少至 10,802,868 股，占公司总本 的比例从 9.7929%减少至 8.9990%。 本次权益变动为持股 5%以上非第一大股东减持，上述股东不属于公司控 股 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-062 恒玄科技（上海）股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 截至本公告披露日，Run Yuan Capital I Limited（以下简称"Run Yuan I"）持 有恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"） 10,421,621 股,占公司总股本 8.68%；其一致行动人 Run Yuan Capital II Limited（以下简称 "Run Yuan II"）持有公司 1,334,335 股，占公司总股本 1.11%。上述股份均为公 司首次公开行前取得的股份，已于 2021 年 12 月 16 日解除限售并上市流通。 截至本公告披露日，公司股东宁波梅山保税港区百碧富创业投资合伙企业 （有限合伙）（以下简称"宁波百碧富"）持有公司股份 3,908,763 股，占公司总 股本的 3.26%；宁波梅山保税港区千碧富创业投资合伙企业（有限合 ...

上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 差异化权益分派事项之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 差异化权益分派事项之 法律意见书 致：恒玄科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受恒玄科技（上海）股份 有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法（2023 年修 订）》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股份回购规则》（以下简称"《回购规则》"）、《上海证券交易所上市公 司自律监管指引第 7 号——回购股份（2023 年 12 月修订）》（以下简称"《回购 指引》"）等法律、法规和其他规范性文件（以下简称"法律、法规"）以及《恒 玄科技（上海）股份有限公司章程》（以下简称"《公司章程》"）的有关规定，就 公司 2024 年前三季度利润分配所涉及的差异化权益分派（以下简称"本次差异 为出具本法律意见书， ...

证券代码：688608 证券简称：恒玄科技 公告编号：2024-061 恒玄科技（上海）股份有限公司 2024 年前三季度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利 0.76 元 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/12/11 | 2024/12/12 | 2024/12/12 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 11 月 12 日的 2024 年第一次临时股东大会 审议通过。 二、 分配方案 1. 发放年度：2024 年季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公 司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 是否涉及差异化分红送转：是 每股分配比例 上市公司自律监管指 ...

Group 1: Company Overview and Product Advantages - The company specializes in low-power SoC chips widely used in smart wearables and smart home devices, integrating multiple functions such as CPU, DSP, NPU, and more [1] - The company has a broad customer base, including major Android phone brands, professional audio manufacturers, and well-known home appliance companies, reflecting its technological advantages [1] Group 2: Product Upgrades and Innovations - The company emphasizes technological innovation with strong R&D capabilities in RF, analog, power management, wireless communication, and low-power high-performance SoC chips [2] - The company is continuously launching competitive chip products and solutions in the smart wearable and smart home sectors [2] Group 3: Financial Performance - In Q3 2024, the company achieved a revenue of 942 million CNY, with a year-on-year growth of 44.01% and a quarter-on-quarter growth of 7.29% [2] - The gross profit margin for Q3 2024 was 34.68%, an increase of 1.29 percentage points from Q2 2024, attributed to changes in product structure and a decrease in upstream costs [4] Group 4: Inventory and Product Structure - As of Q3 2024, the company's inventory was 672 million CNY, with raw materials and work-in-progress accounting for approximately 60% and finished products for about 40% [2] - In the first three quarters of 2024, Bluetooth audio products accounted for about 65% of revenue, while smartwatches and wristbands accounted for approximately 29%, showing a significant year-on-year increase in the latter category [5] Group 5: Market Trends and Future Outlook - The rise of edge AI is expected to create new demands for chips, particularly in enhancing the computational power and environmental sensing capabilities of wearable devices [4] - The company positions itself to meet the evolving needs of the market with its ultra-low-power computing SoC chips, aligning with the development of edge AI [4]

Summary of the Conference Call for 恒祥科技 Company Overview - 恒祥科技 was established in June 2015 and went public on the Sci-Tech Innovation Board in December 2020. The company specializes in the research, design, and sales of wireless ultra-low power technology SOC chips, focusing on audio, wearable, and smart home applications [3][4]. Industry Insights - The global personal smart audio market continues to grow, with TWS (True Wireless Stereo) earphones experiencing a growth rate of 12.6%, capturing a market share of 72.6%. The market for earphones priced below $50 has surpassed 50% [7]. - In China, the Bluetooth earphone market saw cumulative shipments of 43.38 million units from January to August, marking a year-on-year growth of 19.5%. The true wireless earphone shipments reached 76.02 million units [8]. - The global wearable wrist device shipments are expected to grow by 5%, reaching 194 million units, with smart watches seeing a year-on-year increase of 44% [9]. Financial Performance - From 2017 to 2023, 恒祥科技 achieved a compound annual growth rate (CAGR) of 71.7% in revenue. In 2023, the revenue breakdown includes: - Smart Bluetooth audio chips: 53.7% of total revenue, generating 1.17 billion yuan, a year-on-year increase of 59.3% - Regular Bluetooth audio chips: 16.5% of total revenue, generating 360 million yuan, remaining stable - Other businesses (including smart watches and unit chips): 29.7% of total revenue, generating 647 million yuan, a year-on-year increase of 65.8% [2][5]. Research and Development - In the first three quarters of 2024, 恒祥科技's R&D expenses reached 474 million yuan, a year-on-year increase of 30%, with an R&D expense ratio of 19%. The company employs 571 R&D personnel, accounting for 85.7% of the total workforce, with 62.7% holding master's or doctoral degrees [6]. Product Development - The company has launched several flagship products, including the 2,400 series and its derivatives, covering sports watches and entry-level sports bands. The new 2,800 series SOC has been mass-produced and first applied in Samsung's TWS earphones [10]. - In the first three quarters of this year, Bluetooth audio products accounted for 65% of revenue, while the share of watch and band products increased from 19% last year to 29% [10]. Future Outlook - Looking ahead, 恒祥科技 is expected to benefit from the demand driven by AI technology and cloud-based large model economies. The company anticipates EPS of 3 yuan per share for 2024-2026, indicating strong growth potential, leading to a recommendation rating for first coverage [11].

证券代码：688608 证券简称：恒玄科技 公告编号：2024-059 恒玄科技（上海）股份有限公司 关于签订募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科 技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕 2752 号），恒玄科技（上海）股份有限公司（以下简称"公司"）获准向社会公 开发行人民币普通股 3,000.00 万股，每股发行价格为人民币 162.07 元，本次发 行募集资金总额为 486,210.00 万元，扣除不含税发行费用人民币 10,331.88 万元 后，实际募集资金净额为人民币 475,878.12 万元，其中超募资金 275,878.12 万 元。立信会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位 情况进行了审验，并于 2020 年 12 月 9 日出具了《验资报告》（信会师报字 [2020]第 ZA16018 号）。公司 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][7][106]. Core Views - The company has rapidly grown into a unicorn in the wireless ultra-low power computing SoC chip sector since its establishment in 2015, particularly excelling in the smart wearable market. Despite a decline in performance during 2022-2023, the company is experiencing a recovery in 2024, with improvements in gross and net profit margins, a decrease in expense ratios, and continued investment in R&D [1][6][43]. - The Bluetooth headset SoC market share is leading, with demand driven by brand clients. The TWS headset market is recovering, and the company is expected to increase its market share further with the launch of new products [1][6][62]. - The smart watch segment is expected to open a second growth curve for the company, with significant potential for market share increase due to strong performance from key clients like Huawei and Xiaomi [1][6][80]. - The company is expanding its capabilities in the AIoT field, with notable performance in the smart home chip sector and successful entry into the Wi-Fi market with low-power Wi-Fi 6 chips [1][6][95]. Summary by Sections Company Overview - The company focuses on ultra-low power technology, smart audio-video interaction technology, and wireless communication connection technology, aiming to become a global leader in innovative chip design [23][32]. Bluetooth Headset Chips - The TWS headset market is recovering, with the company positioned to increase its market share as brand clients gain more traction. The introduction of the BES2800 series chip is expected to enhance product offerings [1][6][52][71]. Smart Watch Chips - The global wearable wrist device market is stabilizing, with the company’s smart watch SoC market share expected to grow significantly, driven by the performance of major clients [1][6][80][84]. Other Chips - The smart home market is growing, with AI technology expected to drive new growth in smart speakers. The company has successfully developed low-power Wi-Fi 6 chips, enhancing its product offerings in the smart home sector [1][6][95][99]. Financial Forecast - The company’s revenue is projected to grow significantly from 2024 to 2026, with expected revenues of 33.24 billion, 42.31 billion, and 51.74 billion yuan respectively. The net profit is forecasted to be 4.08 billion, 6.08 billion, and 8.54 billion yuan for the same period [6][104][106].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue growth rate of 44.01% in Q3 2024, with total revenue reaching 942 million yuan, and a year-to-date revenue of 2.473 billion yuan, reflecting a 58.12% increase year-on-year [3] - The net profit attributable to shareholders for Q3 2024 was 141 million yuan, up 106.45% year-on-year, with a year-to-date net profit of 289 million yuan, representing a 145.47% increase [3] - The company's gross margin improved to 33.76% for the first three quarters of 2024, with a Q3 gross margin of 34.68%, an increase of 1.29 percentage points quarter-on-quarter [4] - The company has a broad customer base, including major global brands in the Android smartphone, professional audio, and home appliance sectors [4] - The new ultra-low power wireless wearable chip, BES2700iMP, has been mass-produced for smartwatches and wristbands [4] - The latest generation chip, BES2800, has also been mass-produced, featuring a 6nm FinFET process and supporting Wi-Fi 6 technology [4] - Profit forecasts remain unchanged, with expected net profits of 400 million, 614 million, and 841 million yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 73, 48, and 35 times based on the stock price as of November 12 [4] Financial Summary - For 2024, the company is projected to achieve revenues of 2.176 billion yuan, with a growth rate of 52.63% [5] - The net profit for 2024 is expected to be 124 million yuan, with a significant growth rate of 223.64% [5] - The earnings per share (EPS) is forecasted to be 3.33 yuan for 2024 [5] - The company’s gross margin is projected to be around 33.8% in 2024, with a net profit margin of 12% [7]